Results tagged “samzell”

The owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties has $13 billion in debt.

Continue reading "LA Times, KTLA Owner Tribune Files for Bankruptcy"

According to the Wall Street Journal, media mega-corp Tribune, parent of our Los Angeles Times, has sought legal counsel recently that would help the fumbling company "for a possible trip through bankruptcy court." The filing, some speculate, could happen as soon as this week. The WSJ explains:

Tribune has been on wobbly footing since last December, when real-estate mogul Sam Zell led a debt-backed deal to take the company private. Tribune so far has stayed ahead of its $12 billion in borrowings with the help of asset sales, but now dwindling profits are tightening the noose. The company's cash flow may not be enough to cover nearly $1 billion in interest payments this year, and Tribune owes a $512 million debt payment in June.

Murray Fromson of USC laments the end of the LA Times' Washington Bureau today on the Huffington Post: "Neither the Chicago Tribune or its subsequent owner, Sam Zell, have understood the degree to which the Times' reporters and editors in Washington helped subscribers and other readers in Southern California and beyond understand the complexities of national politics. Neither television or the internet did that... The Washington bureau peaked at 40 reporters and seven editors by 2004 under Doyle McManus who then was forced to watch the bureau disintegrate in recent weeks."

So, get this. Mayor Antonio Villaraigosa and Chicago Mayor Richard Daley just made a friendly fun bet. If the Dodgers win the playoff series against the Chicago Cubs (the first game is going on right now), Chicago will hand over their 2016 Olympic bid that we lost. And if the Cubs win, Chicago gets to take LA Times owner Sam Zell back.

Direct to our e-mail inbox, one pubic relations person at a well known firm got a little sassy about what she found in Sam Zell's LA Times today: "I thought it was hilarious. Even though the LA Times is going to hell and laid off a ton of people last week, I am so glad it doesn't mean that I will be deprived of 'The Hills' coverage that helps me get through the day. (You have no idea what is it is like wondering what Audrina Patridge's 'sitting around the house outfit is.')"

Late last month, Tribune Company chairman and CEO Sam Zell said in a memo that he was considering selling the iconic Times Mirror Square (along with the Tribune Tower in Chicago). If it does sell, Zell says moving out won't be immediate (they could sell and lease back some of the space), but come five years down the road, moving day may arrive.

In May, Kevin Roderick's LA Observed will celebrate its fifth year as one of the city's main online destination for those seeking the inside scoop on media and politics. Roderick, a 25-year veteran of the LA Times and author of two books about Los Angeles, sat down for nearly an hour where talking about the past, present and future of LA Observed, why he thinks people should be wary of Sam Zell, the new owner of the Times, and whether he thinks blogs are harming print newspapers.

• Hey, who's ready for another strike? The actors might be after the American Federation of Television and Radio Artists voted to split with the Screen Actors Guild, heightening fears that Hollywood may be in for another work stoppage. The last one cost Los Angeles County more than $1 billion. Time to switch from Whole Foods to Trader Joes, actors.
• OK, so the Dodgers lost last night, but the experience was pretty frickin' awesome. If you were not one of the 100 grand lucky enough to attend, read some prose from DodgerThoughts and view some of the sights from what was a very special day and night. But, it wasn't all pretty, the Daily News found.
• Guess who does not like Sam Zell. I'll give you a hint: most people.
• Former Laker, et al, Isaiah Rider was arrested Saturday and released Sunday for driving an allegedly stolen vehicle. This follows a string of arrests for the former basketball star who told courts that his life had spun out of control.
• A mom who stands accused of driving her son and a car full of other gang members to kill a 13-year-old will be tried for murder and could face the death penalty. Police say the mother plotted the attack.
• "There’s a crisis in L.A. city hall," City Councilman Dennis Zine said to LA City Beat about the city's financial deficit. By July 4, Los Angeles could be in a $400 million hole. Better get used to those potholes.
• Shoving matches, tense confrontations and police back-up have characterized a terse and ongoing battle for the state of Texas. First Clinton won the primary, then Obama won the caucus. Now no one is sure who should get all those extra delegates.
  Continue reading "Extra, Extra: A Strike for Hollywood and a Home Run for Los Angeles"

• Boy am I glad I don't live in this Torrance neighborhood, where a cache of machine guns, rocket-propelled grenade launchers, assault rifles and thousands of rounds of ammunition were found in a house Friday. The residents may be terrorists, police say, but the owner of the weapons said he is just a collector. Do you think he also collects dead bodies in the basement?
• Does the name Chuck Quackenbush ring a bell? He was the Insurance Commissioner for Califorina until he was forced to resign amid corruption allegations in 2000. Gosh, I wonder what he's doing now. Probably tanning on a beach...wait, oh, um, turns out he is now a Sherrif's deupty and just shot a suspect in Florida who was allegedly resisting arrest. OK, now he can go and tan on the beach as Chuck was placed on paid administrative leave.
• More bad news for area newspapers as positions at the Long Beach Press-Telegram were eliminated recently. Earlier in February, the LA Times reported they were going to cut up to 150 jobs and this week, the Daily News cut 22 people from their staff. Christ people, don't you read on paper anymore? I mean, when you're not checking LAist and the hundreds of other sites we link to, that is?
• Speaking of the LA Times, new owner Sam Zell stands to profit to the tune of $15 million if an eminent domain a June ballot initiative passes. Just think how many strip club ads he could buy with that.
• Owing mostly to the Writers Strike, L.A. County lost more than 75,000 jobs from December to January.
• Victoria's Secret is saying its line of revealing lingerie is too sultry and will "get back to the ultra feminine and not just sexy look." In other news, 300 million men started a letter writing campaign today with Justin Timberlake as their spokesman.
• John Wooden, Bruin legend and inventor of winning, remains in the hospital but is "in good spirits" after he fell Thursday night and broke his left wrist and collar bone. I have a feeling beating Arizona tomorrow will really help lift the spirits of the 97-year-old former UCLA coach.
• Tomorrow is the L.A .Marathon. Don't say we didn't warn you. Good luck to all those running, walking, cycling and wheelchairing!
  Continue reading "Extra, Extra: Broken Homes and Broken Bones"

A swipe from back east today shows that the NY Times couldn't help but point out the frequency the LA Times names a new head honcho; a headline in today's paper reads: "New Top Editor for Los Angeles Times, the 4th in 3 Years." Ouch! (Hey, we noticed our own local Daily News getting snarky in their headline last night!)

Photo by victoriabernal via the LAist Featured Photos pool on Flickr

Photo by laurenp! via the LAist Featured Photos pool on Flickr

• Tribune Company CEO Dennis FitzSimons will be stepping down at the end of the year, letting Chicago businessman Sam Zell take over the company. The Tribune Company owns the Los Angeles Times.
• President Bush signed a huge Energy Bill yesterday, in hopes of "reducing our dependence on oil, confronting global climate change, expanding the production of renewable fuels and giving future generations of our country a nation that is stronger, cleaner and more secure."
• Looks like Sean Preston and, uh, the other little Chee-to whose name escapes us will have a little fucked up cousin very soon! Jamie Lynn Spears, following in her sister's dirty, unshod footsteps, got herself knocked up.
• California's population has grown by 11.5% since 2000 -- but the annual growth rate has slowed overall, possibly due to slower job growth: "Those who left... were fleeing an economy in which just 5,800 jobs per month were created -- down from more than 20,000 per month the previous year."
• Sean Penn's road-trip flick "Into the Wild" garnered four SAG Award nominations, including one Best Lead Actor nod for star Emile Hirsch. SAG has reached an agreement with the writers guild that will allow the ceremony to proceed as planned.
• This week's rainfall brings California's yearly total up to the seasonal norm. More relief may still be on the way.
• Approximately 25,000 residents in Northridge and other parts of the Valley were affected by power outages yesterday. Cal State Northridge shut down classes, but power has been restored to most customers.
• There may be hope yet for television in the New Year! Stephen Colbert & Jon Stewart will return to cable on January 7th without their writing staff. Stewart and Colbert commented: ""We would like to return to work with our writers. If we cannot, we would like to express our ambivalence, but without our writers we are unable to express something as nuanced as ambivalence."

Photo by victoriabernal via the LAist Featured Photos pool on Flickr

In like a fox and out with a yodel? Microsoft wants to buy Yahoo for $50 billion. Many have speculated that Microsoft would eventually spring for big Y, as a marriage with the online media giant increasingly appears to be the most viable option to compete with Google in the great war of search and online advertising. Always a fun rumor to kick around, but today it's being corroborated by the WSJ, and considering...

Good morning LAist readers, are you already taking a break from working? Sounds good to us! Here is what you missed over the Holiday weekend. Enjoy!

When Sam Zell, the soon-to-be new owner of Tribune Corp., parent company of the LA Times, was quoted as saying this on Saturday, we called him a ridiculous old man: "If all of the newspapers in America did not allow Google to steal their content, how profitable would Google be?" Zell said during the question period after his speech. "Not very." And the consensus from the blogosphere this weekend? That he's a ridiculous old...

When Tribune Corp was met with two similar offers for its media conglomerate that includes the LA Times, the Chicago-based company decided that it felt better selling to a fellow Chicagoian, real estate billionaire Sam Zell than to a group of billionaires living here in LA. Although Zell will be ponying up just $300 million of the $8.2 billion deal, he will be calling the shots. And on his radar, incredibly is Google, and...

By week's end, LA is regularly littered with a handful of free rags. Combined, these publications put the Tribune Company's Spring Street operation LA Times to shame as far as reporting on the dozens of municipalities that make up this metropolis of more than 12 million people. LAist reads the weeklies so you don't have to. If there's anything we missed, let us know, or better yet drop it in the comments section below....

Geffen, Zell Reportedly Discuss LA Times Movie and music mogul David Geffen is negotiating with Sam Zell on a possible deal for the Los Angeles Times following Zell's successful bid for Tribune Co., a published report said Thursday. How much of the city is still trying to feign interest in this ongoing saga? LA gang members in country illegally may face quicker deportation City and county prosecutors say they are working more closely with...

LA Times Buyer Reveals Pre-Deal Negotiating Drama The Chicago billionaire about to take over the company that owns the Los Angeles Times said in remarks published Wednesday that L.A. billionaire Eli Broad sought him out as a partner last month, then tried "to stick a knife in my back." Trial of Suspected Los Angeles Serial Killer to Begin Tuesday A former pizza delivery man accused of being one of the city's most prolific serial killers...

UPDATE: The deal went down this morning according to the Tribune. It's liberation day. The LA Times reports:Billionaire real estate mogul Sam Zell has reached an agreement to buy Tribune Co. in a two-stage deal valued at $8.2 billion, or $34 a share, the company said this morning. The Tribune Company auction has been all show -- nice bids but no bite -- kind of like those "30 percent chance of rain" days when there's...

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